OREANDA-NEWS. December 18, 2012. Dmitry Medvedev: Before we begin, I would like to say a few words. Today the Supervisory Board of Vnesheconombank is meeting for the last time in 2012, so it is time to review the past year’s work. It is obvious that the bank’s work as a development institution has been quite successful. The bank itself raised more than \\$5 billion in long-term financing on the financial market, and around \\$7 billion if we consider the consolidated results of the VEB Group, as I understand it. In addition, VEB floated Eurobonds worth over \\$1.7bn. These figures are encouraging because they reflect increasing confidence in this bank. I would like to thank the VEB staff for their contribution.

Vladimir Dmitriev (Chairman of Vnesheconombank): Thank you.

Dmitry Medvedev: Give them my regards.

Now on to the specific items on today’s agenda. First, we will consider the bank’s planned involvement in the financing of a business development programme for Russia’s largest automaker, AvtoVAZ, until 2020. The programme involves an upgrade of the company’s assembly equipment and development of new vehicle models. VEB is expected to contribute around 60 billion out of the required investment amount of 177 billion roubles. This will be a complex programme that includes more than one investment project. Each project will be subject to comprehensive appraisal before funding is provided. This practice should continue to be used.

There is another priority I would like to mention. VEB is actively working to support the development of the Russian Far East and Siberia. The last time we met, we agreed to increase the charter capital of the Fund for the Development of the Far East and the Baikal Region by 15 billion roubles, which will come from the federal budget. We also plan to recapitalise the Russian Direct Investment Fund, a subsidiary of VEB, by 62 billion roubles; 25 billion of that amount will be channeled into the Far Eastern projects.

We will also approve VEB’s income and expenditure plan for next year – the figures are generally in line with the bank’s strategy until 2015 – and consider the key performance indicators for the bank’s staff and executives, which should serve as incentives for meeting the bank’s strategic goals.

This is our agenda for today, but this is not all – we have a lot to discuss, as usual. Thank you.